5 Insights to Inform Your 2024 Hiring Strategy

There's been a seismic shift in the hiring landscape. It’s almost impossible to foresee what’s next. But we have a few trends to inform your 2024 hiring plans.
5 Insights to Inform Your 2024 Hiring Strategy

The hiring landscape has experienced a seismic shift in recent years and it’s almost impossible to foresee what’s coming next. 

So we’ve dug into some insights from the last 12 months to share the trends we’ve seen from 99,955,315 matches to 297,271 jobs at over 9,000 companies on Otta. There’s obviously a lot of data within our marketplace that we can share to help inform your plans for the year, and keep you on your toes!

1. Cutting through the noise has never been more important

Hiring continued to slow into and throughout 2023, with a 40% dip in job openings on Otta and a 500k+ surge in new candidates. This mirrors what other recruitment sites report - more candidates but fewer jobs in tech. Competition for top tech talent has gotten fiercer, so it’s all about quality now, not quantity.

The effects of the pandemic, combined with other factors such as tech-driven efficiencies and changing market dynamics, have created a perfect storm leading to fewer backfills and new roles across Europe and the US. 

While you may have felt like you were inundated with applications from various job boards, applicants on Otta were bucking the trend.

In fact, 40% of applicants in the last 12 months made only three or less applications, and around 15% of hires only made three or fewer applications before they were hired. This shows the power of matching candidates to the right roles. Most candidates were thoughtful and looking for the right role, rather than spraying and praying. 

cut noise

Takeaway: Make sure you’re converting the right candidates into applicants by investing time into your employer brand. Be open about your culture and challenges, share your enthusiasm for your mission, and tell a compelling story that potential employees will connect with. Make it easy for matches to want to apply.

2. The salary veil is lifting, and first-movers have the advantage

The proportion of roles with public salaries nearly doubled in the last 12 months, hitting 43% of all jobs. Particularly in the U.S., 62% of roles mentioned salaries, thanks in part to new salary transparency legislation in New York and California. There is work to do in the UK and Europe, though, as salary disclosures are hovering around 30% of jobs. 

Companies who are more open about salaries receive 1.5x more applications than those without public salaries or bands. 

salary transparency

Takeaway: We appreciate that there are many dynamics at play when it comes to sharing salaries openly. But start the conversation within your organisation, try to understand where roadblocks may be more easily overcome. We’ve worked with employers who’ve run trials with impressive results. 

More practical tips on this in an on on demand pay transparency webinar.

3. Flexibility requires bending (or risk breaking)

There’s a tension brewing between employers and candidates around flexibility. 
Despite candidates valuing flexibility and remote work options, mandates around "return to work" are on the rise. 

In the last 12 months, almost all markets on Otta saw a 50% fall in remote roles. But, we see that companies with “remote” mentioned in their benefits get 27% more applications per job on Otta.

flexible work

Takeaway: Life is returning to normal. But the future of work is flexible - let's bend and not break!

Great candidates want flexibility in where they work. Try to balance flexibility with facetime. And be clear in your job descriptions what the candidate should expect in regards to coming into an office so that there are no surprises.

4. Continue down the winding road to parity 

Diversity continues to be on top of tech hiring priority lists. And C-suite executives are bought into the need for more diverse talent in their tech organisations. But there is still a long way to go to reach impactful diversity in tech. 

According to a recent TechNation report, women account for just 26% of all tech workers in the UK. Whilst we’re proud that 53% of candidates on Otta identify as women, they still only make up 37% of hires. 

And whilst the proportion of ethnically diverse applications rose in 2023 to 60%, the proportion of ethnically diverse hires didn’t rise at the same rate. This came up short at just 38% (rising just slightly over the previous year). 

diverse hiring

Takeaways: Start with data - how is your candidate pipeline looking based on key DEI metrics? Then, work on either attracting more diverse candidates or scrutinise your hiring process to see how you can help convert them into hires.

Customer Success Managers at Otta can help with this. From providing data on how your jobs are performing across segments, advice on writing more inclusive job descriptions or creating more inclusive interview processes.

5. Candidate expectations remain the same

In 2024, candidates are still seeking the same three things from their next role that they did in 2023:

  • Flexibility and wellbeing
  • Working with great people
  • Professional development and progression

Companies that are more vocal about offering these as part of their value proposition are more likely to be a magnet for top talent. 

candidates want

Takeaways: You don't need a magic eight ball to know what to do next. Offer remote options, create a killer culture (and talk about it!) and provide growth opportunities to excite the best talent. Particularly at such an uncertain time, candidates (and employees) value the opportunity to learn and develop within an organisation.

Check out some practical tips we've gathered from helping 10,0000s of businesses hire the right talent.

So what?

Engaging quality candidates in tech is as challenging as ever. At Otta, we’ve built a platform designed to engage the best tech talent across expertise, functions and aspirations. 

Whilst we don't have all the answers, or insight into the future of hiring... we believe there are a few things that will dramatically set employers apart when hiring tech talent:

  1. Focus on your employer brand to make it easy for great candidates to come to you.
  2. Understand how best to maintain flexibility for your team, including remote options.
  3. Embracing salary transparency (or at least run a trial).
  4. Be open and honest about your diversity initiatives in your job specs. And be more intentional with what you can do to find diverse talent.
  5. Set aside time to look at your learning and development programme to make sure it fits with what the business needs, and candidates crave.

If you’d like to chat through your 2024 hiring strategy, our Product Experts would be happy to talk you through our insights in more detail to see how we can help you reach your hiring goals to supercharge your growth.